Hello Babypips!

Hey everyone. Just wanna start by saying that despite Forex becoming hugely popular, I’m amazed that there aren’t millions of incredibly useful sources for beginners like me to rummage through and get insight on this awesome subject.

That being said, Babypips is an absolute diamond in the mine. It seems like 8 of every 10 sites related to Forex are run by brokers, so I’m really glad I came across this genuine site and it’s active community.

I’ve already been introduced to the nature of Forex through a couple of books and people I know who are involved, but the Babypips School has proved useful also. I’ve been trading a few demo platforms for a few weeks a few hours a day and I’m sort of at a loss as to why 6 months is the minimum time one should spend trading paper money before going live. I mean I’m not perfect by any means but I can’t imagine 6 months would be required before I’ll be ready to trade profitably…

welcome to babypips :smiley:

G’day Bama!! yeah Babypips is a great site…go live when you are comfortable…for me it took a year…

Welcome! I agree 6 months is not enough time ,but I assume the brokers are hoping the uneducated trader will feel confident enough to go live so they can take there money!

Technically, you don’t need to demo 6 months. It really depends on your personality and study habits. There are a lot of factors to consider when trading. The reason they suggest you sit down for a long time before going live is that too many people jump straight into a live account before they’re ready and get destroyed.

“Smart people learn from their mistakes, wise people learn from the mistakes of others.”
— George Lagogianes

I suppose you’re right… I’m thinking of working a strategy with a micro account on either Oanda or Alpari UK. If I’m a British citizen but reside in the US, are there any specific implications for each? Like tax or some advantage to using a non-US broker?